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TL;DROn a $120,000 Brisbane salary, consider spending $4,000-$9,500 on an engagement ring (1-2.5 months' income) rather than following outdated "3-month salary" rules that ignore modern cost-of-living realities. |
The old rule—spend three months' salary on a ring—would suggest putting down $30,000. But today, that approach doesn’t reflect how most Brisbane couples make decisions.
Compared to Sydney or Melbourne, Brisbane has a slightly lower cost of living. But with housing prices rising, interest rates climbing, and household expenses increasing, it’s more practical to set a thoughtful budget.
Spending in the range of 1- 2.5 months' salary allows you to prioritise a beautiful ring without compromising your broader plans—like travel, saving for a home deposit, or wedding expenses.
Here's a rough breakdown to help you set your budget:
Conservative: $4,000–$5,500
Moderate: $5,500–$8,000
Premium: $8,000–$9,500
This range gives you flexibility while keeping your future goals in mind.
Average rent: $550–$600/week for a one-bedroom apartment in the inner suburbs
Daily commuting costs and fuel remain high due to the city’s spread
Wedding costs: Around $30,000 for the average Queensland celebration
Brisbane buyers often prefer value-oriented spending paired with quality craftsmanship
A ring is a once-in-a-lifetime purchase, but it’s also one part of a larger life you're building together.
Want the most sparkle for your spend? Here are some cost-smart ideas:
Lab-grown diamonds can look identical to mined stones and cost significantly less
Moissanite or coloured gemstones (like sapphires or emeralds) offer brilliance and personality at accessible prices
Vintage and second-hand rings often come with unique designs and better pricing
Choose an excellent cut, and balance clarity (VS2–SI1) and colour (G–H) to optimise sparkle and value
Look just under milestone weights (e.g., 0.90ct instead of 1.00ct) for significant savings without a visible difference
These decisions can help you focus on what matters: how the ring looks and feels—not just what it costs.
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Once you’ve chosen the ring, it may be a great time to think about cover.
While some people consider adding the ring to their home and contents policy, this may sometimes come with limitations, such as:
Sub-limits on single valuable items
Location-based exclusions (e.g., outside the home or while travelling)
Excess fees and limited repair options
Travel insurance also may not cover high-value jewellery at all—or may only include it under strict conditions.
Specialist jewellery insurers like Q Report provide policies designed for how people wear and value engagement rings. Depending on your provider and eligibility, policies may include:
Cover for theft, accidental damage, loss, or mysterious disappearance
Cover while travelling (local or overseas)
Annual revaluation so your cover reflects current market value
The option to return to your original jeweller for repairs or replacement
$0 excess on theft claims (depending on the policy)
Australian-based claims teams and support
When a ring holds emotional and material value, a cover designed for jewellery, rather than general contents, can make a real difference. Q Report is an Australian-owned provider offering these features and more. With more than 2,000 five-star reviews from Australian customers, it’s a trusted option for those wanting to cover their engagement ring with care and clarity.
Set a budget within the 1–2.5 month salary range
Research reputable Brisbane jewellers
Learn the 4Cs of diamonds (Cut, Colour, Clarity, Carat)
Think about your partner’s lifestyle and personal taste
Ask for GIA or IGI certification if buying a diamond
Get an itemised receipt
Take clear photos for documentation
Ask about resizing and return policies
Take photos of the ring for documentation
Store the ring safely until you’re ready to propose
Consider insuring the ring with specialist jewellery cover
Review your provider’s Product Disclosure Statement (PDS) and Target Market Determination (TMD)
Store your documentation securely
Plan your proposal with one less thing to worry about
With a $120,000 salary in Brisbane, a ring budget between $4,000 and $9,500 offers room for meaning, sparkle, and practicality. Whether you’re buying off-the-shelf or creating something custom, this range reflects how many couples approach engagement ring shopping today.
To get an accurate insurance quote, please provide the amount from your purchase receipt.
Don't have the receipt?
If you don't have the receipt, you can provide the most recent valuation amount instead.
